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The Promise of Bioeconomy as a Solution for Sustainability

16 Sep 2024

The Threat of Unsustainable Practices A recent report by the World Economic Forum (WEF) identifies extreme weather events and critical changes to Earth’s systems as the top long-term risks to humanity. [1] The urgency of the situation is further underscored by the United Nations Environment Programme (UNEP) COP28 report, which warns that exceeding the 1.5°C warming threshold is becoming increasingly likely and could have devastating consequences. [2] The overdependence on fossil fuels is a significant contributor to these factors. The International Energy Agency’s World Energy Outlook 2023 highlights that fossil fuels comprise over 81 percent of the global energy mix, accounting for over 73 percent of human-caused greenhouse gas emissions. [3] Transitioning to cleaner and greener energy sources is imperative. To achieve this transition, exploring alternative, low-carbon energy sources is crucial. The COP28 UAE consensus includes an unprecedented reference to transitioning away from all fossil fuels in energy systems “in a just, orderly, and equitable manner”. [4] Participating nations were urged to triple their renewable power and double their energy efficiency by 2030 to reach net-zero emissions by 2050. Renewable energy sources such as bio-energy, solar, wind, and hydropower will play an important role in achieving this goal. [5]
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Authors

Ravindra Utgikar, Sayali Thakare

Attribution
Ravindra Utgikar and Sayali Thakare, “The Promise of Bioeconomy as a Solution for Sustainability,” ORF Issue Brief No. 729 , September 2024, Observer Research Foundation.
Pages
11
Published in
India

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